Michael Novogratz embraces wealth tax.

Michael Novogratz, Galaxy Digital CEO and ardent crypto bull who claims to fortune and fame came from trading cryptos has taken to the stage to tell the uber-wealthy not to fear Elizabeth’s Warren’s proposed wealth tax.

Billionaires are “really, really fearful” of Sen. Elizabeth Warren, said Michael Novogratz the former Goldman Sachs partner and hedge fund manager in a recent Bloomberg interview.

Ninety-seven percent of the people I know in my world are fearful of her

Michael Novogratz embraces wealth tax and is equally mocking the uber-wealthy for feeling like victims in the wake of Democratic candidate Elizabeth Warren’s proposed wealth tax policy

“Ninety-seven percent of the people I know in my world are fearful of her” said Michael Novogratz 

“They don’t like her, they’re worried about her, they think she’s anti-rich … It’s a little carried away” he added. 

“You’re not victims, you’re the richest people in the world” said Michael Novogratz continued in the Bloomberg interview. “How in God’s name do you feel like a victim?”

Michael Novogratz embraces wealth tax, a progressive tax that would affect the top 1% echelon

Elizabeth Warren’s wealth tax also known as Warren’s “Ultra-Millionaire Tax” proposes to tax households’ net worth between $50 million and $1 billion to be taxed at 2%.



You’re not victims, you’re the richest people in the world

Households in the ultra-wealthy category with a net worth exceeding $1 billion would be taxed at a 3% annual rate.

Mike Novogratz told CNBC that Elizabeth Warren is the “best candidate on the stump” and as Michael Novogratz embraces wealth the former crypto billionaire is most likely endorsing the Senator from Massachusetts in the 2020 Presidential election.

Elizabeth Warren’s road to the White House is challenging, she will need to first win the Democratic primary before taking on President Donald Trump in the 2020 election.

The vilification of billionaires makes no sense to me” – Leon G Cooperman

“It is time for a wealth tax in America” said Elizabeth Warren in the ad, which shows her speaking at a recent town hall. “I’ve heard that there are some billionaires who don’t support this plan”. 

“The vilification of billionaires makes no sense to me” said Leon G Cooperman with a net worth of $ 3.2billion is shown saying in the ad. “It’s bull,” said Cooperman. 

Then the following words flash on the screen: “Charged with insider trading.” (The Securities and Exchange Commission sued Mr. Cooperman and his firm, Omega Advisors, in 2016; he and the firm settled in 2017.) The ad also shows footage of Joe Ricketts, founder of TD Ameritrade; Lloyd Blankfein, former chief executive of Goldman Sachs; and venture capitalist Peter Thiel. 

The ad ends with Elizabeth Warren asking the richest Americans to “pitch in two cents”. Elizabeth Warren wants to use the revenue from the proposed wealth tax to fund universal childcare, free public college, and student debt cancellation, as well as to help pay for Medicare for all.

So Mike Novogratz embraces the wealth tax could be a good PR play. If a wealth tax is coming, you might as well look like the kind face on stage endorsing it.